What is a Cryptocurrency Exchange?

Exchanges are digital platforms where you can buy, sell, trade and store cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA). In the IRS defines a broker as follows:

“Legal entity, even if not financial, that offers services related to transactions carried out with cryptoassets, including intermediation, negotiation or custody, and that can accept any means of payment, including other cryptoassets.”

Cryptoassets are virtual assets that run on blockchains, the name of the great decentralized ledger that was born along with BTC more than a decade ago.

How do exchanges work?

Exchanges act as intermediaries between sellers and buyers of digital assets. They also keep cryptocurrencies (custody) of those investors who do not want to keep their cryptos in their own wallets.

In practice, they are very similar to stockbrokers. To use them, the user simply registers, confirms their identity, submits resources, buys assets and pays the fees. But there are some important differences:

Instead of offering stocks, exchanges have digital currencies on the “menu”, such as Dogecoin (DOGE), Solana (SOL), and XRP (XRP). Some also offer other products and services, such as crypto payment solutions.

Exchanges are not supervised by the Central Bank and the Brazilian Securities and Exchange Commission (CVM), such as stockbrokers. Still, they’re not illegal.

And it is for this reason, that all attention at this stage, requires a lot of care!

Source: Infomoney

To choose an Exchange, the Prodomos team evaluates much more than the current Ranking in the market.

This evaluation has many factors that always match the current need of Prodomos in relation to the Stock Exchange, criteria and market situations.

With the recent crises in the Crypto market, look at some criteria such as Liquidity, Value Reserve, Technology, Security, Compliance, Customer Service, Located Suporte and the most important guarantee of funds.

During the Listing process on a Centralized Exchange, you must present many prerequisites, as well as a lot of time invested by the team and the chosen Exchange.

We are starting our work with Biconomy a Canadian Cryptocurrency Exchange with MSB license from the United States, Top 80 in coinmarketcap transaction volume.

And the Gate.io an Exchange created in 2013, having consistently ranked in the top 20 brokers by CoinMarketCap.

In addition to other Exchanges with the purpose and specific profile in this Crypto market, which serve for example trading in OTC.

1- Application form – In progress.
2- Communication and media audit – In progress.

3- Verification and compliance of the project – In progress.

4- Community Audit
5- Smart contract Audit
6- Audit Portfolios and Distribution

7- Internal team audit

8- Audit on governance policy

9- Liquidity Analysis
10- Token utilities in practice

11- Analysis Marketing Making
12- Fund audit
13- Integration of API’s
14- Block validation
15- KyC integration
16- Standardization and stake configuration
 17- Choice of acronyms (This item is very important)
18- Marketing disclosure
19- Official announcement of Exchange
20- Opening for deposit
21- Opening for trading

The acronym is a way to identify Prodomos within the Exchange offer book, so pay close attention to the acronyms that will be chosen in the listing process, they will be public and exposed in the offer book.

Official disclosures will be disclosed only by Exchange and after that, it will be replicated here in all Prodomos channels!

Any questions and questions, we are available in Chat and social networks.